My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 167 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 6. INVESTMENTS IN ASSOCIATES (CONT’D) (c) The summarised unaudited financial information of the associate that is material to the Group is as follows:- PT Cartenz 2020 2019 RM’000 RM’000 Non-current assets 7,666 6,906 Current assets 1,808 4,098 Non-current liabilities (5,708) (2,898) Current liabilities (2,389) (1,775) Net assets 1,377 6,331 12-month Year Ended 31 December/15-month Period Ended 31 December Revenue 6,825 1,346 Loss for the financial year/period/Total comprehensive expenses (4,932) (6,048) Group’s share of losses for the financial year/period/Total comprehensive expense (937) (1,144) Reconciliation of Net Assets to Carrying Amount Group’s share of net assets 261 1,198 Goodwill 12,516 12,516 Carrying amount of the Group’s interest in this associate 12,777 13,714 In the previous financial period, MYEGIND entered into a Share Subscription Agreement with PT Cartenz on 22 July 2019. The Company will hold 40% equity interest in PT Cartenz for a total cash consideration of USD10.0 million upon fulfilment of all conditions. As at the end of the financial year, the total paid-up cash consideration amounted to USD3.5 million (approximately RM14.9 million), representing 19% equity interest. There has been no additional paid up consideration during the financial year. MYEGIND will further inject the required capitalisation subject to the fulfilment of the conditions as stated in the Share Subscription Agreement amounting to USD 6.5 million (approximately RM26.1 million). (d) The summarised financial information has not been presented for MYAM as it is not individually material to the Group. The Group has not recognised losses relating to MYAM, where its share of losses exceeds the Group’s interest in this associate. The Group’s cumulative share of unrecognised losses at the end of the reporting period was RM8,072 (2019 - RM5,673), of which RM2,399 (2019 - RM4,986) was the share of the current financial year’s losses. The Group has no obligation in respect of these losses. (e) The summarised financial information has not been presented for DKSB as it is not individually material to the Group.